Forex Analysis: GBPJPY Classic Technical Report 11.09.2012
Prices are testing support at 127.01, the 23.6% Fibonacci retracement, after pulling back from resistance at the top of a rising channel set from early June. A break below this level exposes a rising trend line set from August (126.23) and the 38.2% Fib at 124.16. Channel resistance is now at 129.86.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.